Today more than ever people and businesses rely on professional advice on a day to day basis. It is so common place we do not think about it but rather think of it as being as routine as a trip to the doctor or dentist.
Because we rely on the expertise of professional advisors on a regular basis we often take for granted that financial advisors insurance brokers and agents, accountants and lawyers use judgment in determining matters of tremendous consequence. If that judgment is not properly exercised there may be serious consequences.
In the event you suffer financial loss as a result of an advisor's negligence you may have a claim to compensation.
Some common circumstances which give rise to claims against advisors include: inaccurately completed paperwork, a failure to explain issues and consequences to enable an informed decision, misrepresentations, misappropriation of assets or otherwise failing to account or carry out obligations to act honestly, competently and in your best interests.
If you have suffered a loss owing to another person's conduct and you wish to investigate your legal options, contact us today for a no obligation consultation.
You may have heard the term "Fiduciary" or "Fiduciary Duty" used with respect to legal claims. A fiduciary is an individual who acts on behalf of another, whom we may refer to as a beneficiary. The relationship is characterized by the beneficiary being vulnerable to the fiduciary and reposing in her or him trust. As a result a fiduciary is charged with obligations of utmost good faith, prudence, and trust.
These obligations manifest requirements which include the fiduciary's duty to place the interest of beneficiaries ahead of their own, avoid conflicts of interest, disclose profits made arising from their fiduciary position, and to exercise prudence in carrying out the responsibilities of their office. Common examples of fiduciaries are Parents, Trustees, Directors of corporations, and in certain cases Financial Advisors.
When a fiduciary breaches one or more of these obligations there may be an action for breach of a fiduciary duty. A good example of facts giving rise to such a circumstance are discussed in the following article:
In this case an accountant was held to account for a breach of fiduciary duty. Part of the compensation he was ordered to pay arose from an order for disgorgement of profits (a commission) which he did the work to earn, but failed to advise the beneficiary of in advance of collecting.